Bill Summary

by Van Zant Co Sponsors: Carroll, Dorworth, Drake, Evers, Fresen, Horner, Kelly, Mayfield, McKeel, Patterson, Wood, Zapata CS Sponsors: Agriculture & Natural Resources Policy Committee, General Government Policy Council, Policy Council

Regulation of State Lands and Oil and Gas Resources: Authorizes Board of Trustees of the Internal Improvement Trust Fund to accept bids for oil & gas leases on specified submerged lands; provides location restrictions on refining & retail sale of oil & gas extracted pursuant to such leases; revises requirements for proof of financial responsibility by lessee prior to commencement of drilling on submerged lands; provides for distribution of royalties, cash considerations, annual rentals, or payments in lieu of royalties collected for oil & gas leases; provides for distribution of other state income from offshore oil & natural gas activities; provides exemptions from land leasing, permitting, & construction restrictions relating to leases on submerged lands; revises applicability provisions relating to surety for geophysical exploration, drilling, & production. Effective Date: July 1, 2009

   H Agriculture & Natural Resources Policy Committee
   H Energy & Utilities Policy Committee
   H General Government Policy Council
   H Natural Resources Appropriations Committee